Genetic Testing Industry, Size, Share, Key Developments, and Opportunity Analysis | Forecast – 2024

Industry Research Report – Genetic testing Market forecast till 2024, is latest industry research report published by MRFR. The market is expected to reach USD 22,834.19 Million by 2024, also it is segmented on the basis of Type, Method, Application, and Region.

Will Genetic Testing be the Solution to End Cancer Once and for All?

Genetic testing is a procedure which tests for changes in a gene, DNA sequences, or chromosome structures. This allows physicians to get an idea of which genetic diseases the individual may be suffering from or may be at risk of contracting. Genetic testing consists of a series of lab tests that identify variants in the gene structure and identify risk-causing variants that can lead to certain diseases. This type of testing for diseases is fairly new and has become vitally important in the healthcare sector due to the growing prevalence of several genetic diseases. The growing awareness about the role played by genetic components in various other diseases has also helped the growth prospects of the genetic testing market. While diseases such as CVDs, asthma, cancer, and diabetes may not be caused by genetic factors, there is often a link with the genetic makeup of the individual that marks out the individual as being at risk from the respective disease. This has driven interest in genetic testing.

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Some of the major applications of genetic testing include:

Cancer: Genetic testing has become a key tool for diagnosing and preventing cancer. Genetic testing looks for specific inherited changes (variants) in a person’s genetic structure. These variants can be malignant or benign, depending upon their respective structure. Cancers can result from a few types of malignant variants, which increase the risk of contracting certain types of cancer. Cancer can sometimes be seen to be “running in a family”, with multiple individuals from the same family falling prey to the same type of cancer. This is associated with the aforementioned variants, which can congenitally increase the risk of certain types of cancer in some people. Genetic testing allows physicians to discover these variants and then take the respective action to either delay or tackle the cancer. Many of the genetic anomalies responsible for causing cancer have been identified, which gives strength to this application of genetic testing.

The growing awareness about cancer and genetic testing is likely to be a major driver for the global genetic testing market. Cancer has become one of the major healthcare concerns in modern times, with cancer figures rising across the world and more people falling prey to it than ever before. This has driven interest in effective medical methodologies that can identify cancer risk early on, allowing the patient to treat and handle cancer at their own terms. The increasing popularity of direct to consumer genetic testing kits has also helped people stay on top of their cancer, as this has enabled easy and early identification of cancer, allowing effective medication and treatment. This is likely to be a major driver for the global genetic testing market over the coming years.

Reproductive Health: Another strong application channel for genetic testing technology includes prenatal and newborn testing to find out whether the newborn is at risk from any genetic diseases. In fact, in this case, genetic testing begins pre-birth, with genetic testing allowing parents to know if the fetus is suffering or is likely to suffer from certain genetic conditions. This has become a major weapon for physicians dealing with newborns, as genetic testing allows them to formulate specifically tailored treatment and management regimens for specific genetic diseases. The increasing awareness about fetal and newborn testing is likely to be a major driver for the global genetic testing market over the forecast period.

Genealogy and Ancestry: With the advent of direct to consumer genetic testing kits, genealogy has become of interest to an increasing number of people, who look to use the ease of genetic testing to find out more about who they are and who they are descended from. According to the CDC, genealogy has become the second most popular habit in the U.S., following only gardening. This is also likely to be a major demand driver for the global genetic testing market in the coming years.

Genetic Testing Market Regional Analysis:

Regionally, the genetic testing market is segmented intotheAmericas, Asia-Pacific, Europe, and Middle East & Africa. Of these, North America is estimated to remain dominant in the global market in the coming period owing to the changing trends from service-driven to product-driven industry and rising awareness about the benefits of genetic testing.

Genetic Testing Market Industry News:

Sept. 30, 2019 (GLOBE NEWSWIRE) -- AnaptysBio, Inc. (Nasdaq: ANAB), a clinical-stage biotechnology company developing first-in-class antibody product candidates focused on unmet medical needs in inflammation, today announced positive topline data from an interim analysis of its Phase 2 clinical trial of ANB019 in moderate-to-severe generalized pustular psoriasis (GPP) patients, also known as the GALLOP trial.

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